Blog - Linkenheimer LLP CPAs & Advisors

The 2024 Gift Tax Return Deadline is Coming Up Soon

If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway.

Requirements to file

The annual gift tax exclusion was $18,000 in 2024 (increased to $19,000 in 2025). Generally, you must file a gift tax return for 2024 if, during the tax year, you made gifts:

That exceeded the $18,000-per-recipient gift tax annual exclusion for 2024 (other than to your U.S. citizen spouse),
That you wish to split with your spouse to take advantage of your combined $36,000 annual exclusion for 2024,
That exceeded the $185,000 annual exclusion in 2024 for gifts to a noncitizen spouse,
To a Section 529 college savings plan and wish to accelerate up to five years’ worth of annual exclusions ($90,000) into 2024,
Of future interests — such as remainder interests in a trust — regardless of the amounts, or
Of jointly held or community property.

Important: You’ll owe gift tax only if an exclusion doesn’t apply and you’ve used up your lifetime gift and […]

By Linkenheimer LLP|2025-03-10T15:46:04+00:00March 10th, 2025|deadline, gift tax|0 Comments

BOI Reporting: Now You See It, Now You Don’t

If you thought the Beneficial Ownership Information (BOI) reporting deadlines were finally settled, think again. The U.S. Treasury Department has now suspended enforcement of the Corporate Transparency Act (CTA) altogether—meaning no fines, no penalties, and, for now, no rush to file. Oh, and they’re also considering limiting BOI reporting to foreign entities only.

At this point, the timeline for BOI reporting has changed more often than a bad Wi-Fi signal. First, it was January 1, 2025. Then January 13. Then a court put it on hold—only for FinCEN to say enforcement would still happen… until now, when Treasury decided to press pause on the whole thing.

According to the Treasury’s latest announcement, the government is “suspending implementation and enforcement of the Corporate Transparency Act” while they evaluate legal challenges. Meanwhile, they are considering “a rule to limit BOI reporting to only foreign reporting companies,” a move that would exempt many U.S. businesses from compliance.

So, what’s next? Will BOI reporting make a comeback? Will deadlines magically reappear? No one really knows. But for now, businesses can take a break, maybe put that compliance […]

By Linkenheimer LLP|2025-03-04T18:42:55+00:00March 4th, 2025|New Tax Laws, News|0 Comments

The Never-Ending Saga of Beneficial Ownership Reporting: Another Day, Another Deadline

If you’ve been trying to keep up with Beneficial Ownership Information (BOI) reporting deadlines, you might feel like you’re stuck in a regulatory version of Groundhog Day. Just when businesses thought they had a handle on the Corporate Transparency Act (CTA) requirements, FinCEN hit pause—announcing it won’t issue fines or penalties for missed deadlines and plans to extend them further with a new rule by March 21, 2025. Meanwhile, Congress is considering pushing the deadline all the way to January 1, 2026. Sound familiar? That’s because this keeps changing.

Originally, BOI reports were due by January 1, 2025. Then it moved to January 13, 2025. Then a Texas court got involved, briefly stopping enforcement before reversing course. Now, FinCEN says “no penalties for now” while lawmakers debate an even longer delay. If you’re confused, don’t worry—so is everyone else.

For now, businesses can take a breather. But stay alert, because if history tells us anything, this deadline might move again. Until then, keep those compliance checklists handy… just maybe in pencil.

For the latest updates on BOI reporting, visit

By Linkenheimer LLP|2025-02-28T19:13:39+00:00February 28th, 2025|New Tax Laws, News|0 Comments

Can I Itemize Deductions on My Tax Return?

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction.

Here’s how we’ll determine if you can itemize or not for 2024 when we prepare your return.

Standard deduction amounts

The basic standard deduction allowances for 2024 are:

$14,600 if you’re single or use married filing separate status,
$29,200 if you’re married and file jointly, and
$21,900 if you’re a head of household.

Additional standard deduction allowances apply if you’re age 65 or older or blind. For 2024, the extra allowances are $1,550 for a married taxpayer age 65 or older or blind and $1,950 for an unmarried taxpayer age 65 or older or blind.

For 2025, the basic standard deduction allowances are $15,000, $30,000 and $22,500, respectively. The additional allowances are $1,600 and $2,000, respectively.

Don’t assume

Suppose you think your total itemizable deductions for […]

By Linkenheimer LLP|2025-02-26T15:03:09+00:00February 26th, 2025|deductions|0 Comments

You May Be Able To Make A Deductible IRA Contribution For Last Year This Year

If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on your 2024 return.

Who’s eligible?

You can make a deductible contribution to a traditional IRA if:

You (and your spouse) aren’t an active participant in an employer-sponsored retirement plan, or
You (or your spouse) are an active participant in an employer plan, but your modified adjusted gross income (MAGI) doesn’t exceed certain levels that vary from year-to-year by filing status.

For 2024, if you’re a married joint tax return filer and you’re covered by an employer plan, your deductible traditional IRA contribution phases out over $123,000 to $143,000 of MAGI. If you’re single or a head of household, the phaseout range is $77,000 to $87,000 for 2024. The phaseout range for married individuals filing separately is $0 to $10,000. For 2024, if you’re not actively participating in an employer retirement plan but your spouse is, your deductible IRA […]

By Linkenheimer LLP|2025-02-26T14:58:11+00:00February 26th, 2025|ira|0 Comments